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Globus Maritime Limited Reports Financial Results for the Three-Month Period Ended March 31, 2011, and Declares Quarterly Cash Dividend of $0.16 per Share

May 6, 2011 - ATHENS, GREECE

Globus Maritime Limited ("Globus," the"Company," "we," or "our") (NASDAQ: GLBS), a dry bulk shipping company,reported today its unaudited consolidated operating and financial resultsfor the three-month period ended March 31, 2011.

The Company also declared a quarterly cash dividend of $0.16 per share forthe three-month period ended March 31, 2011. This is the third quarterlycash dividend declared by the Company's Board of Directors since thelisting of its common shares on the NASDAQ Global Market in November 2010.Prior to listing on the NASDAQ, the Company's shares traded on theAlternative Investment Market of the London Stock Exchange from June 2007to November 2010.

Summary results of the first quarter 2011 ("Q1-11") versus the firstquarter 2010 ("Q1-10")

-- Revenue of $8.5 million versus $5.8 million, an increase of 47%;
-- Net Revenue of $7.5 million versus $5.3 million, an increase of 42%;
-- Adjusted EBITDA of $4.9 million versus $3.2 million, an increase of
53%; adjusted EBITDA is further defined below and is not in accordance
with generally accepted accounting principles ("GAAP") measure. See
"Selected Consolidated Financial & Operating Data" below for a
reconciliation of non-GAAP financial measures;
-- Total comprehensive income of $2.2 million versus $0.5 million, an
increase of 340%;
-- Basic earnings per share of $0.30, calculated on 7,289,688 weighted
average number of shares compared to $0.06, calculated on 7,239,264
weighted average number of shares;
-- An average of 5.0 vessels were owned and operated during Q1-11 compared
to 3.0 vessels owned and operated during Q1-10. Average Time Charter
Equivalent ("TCE") for Q1-11 was $18,012 per day compared to $19,429
per day for Q1-10; and
-- Fleet utilization was 99.5% versus 96.7%; fleet utilization is further
defined below.

Dividend Declaration

For the three-month period ended March 31, 2011, the Company declared acash dividend on its common shares of $0.16 per share, payable on or aboutMay 31, 2011 to shareholders of record on May 17, 2011.

The Company has 7,289,688 shares of common shares issued and outstanding asof today.

The Board of Directors of the Company is continuing a policy of paying outa portion in excess of 50% of the net income of the previous quarter,subject to any reserves the Board of Directors may from time to timedetermine is required. The declaration and payment of dividends, if any,will always be subject to the discretion of the Board of Directors of theCompany. The timing and amount of any dividends declared will depend on,among other things: our earnings, financial condition and anticipated cashrequirements and availability, additional acquisitions of vessels,restrictions in our debt arrangements, the provisions of Marshall Islandslaw affecting the payment of distributions to shareholders, requiredcapital and drydocking expenditures, reserves established by our board ofdirectors, increased or unanticipated expenses, a change in our dividendpolicy, additional borrowings or future issuances of securities and otherfactors, many of which will be beyond our control. We can give no assurancethat dividends will be paid in the future.

Fleet Development

On December 31, 2010, Globus' subsidiaries owned five dry bulk carriers,consisting of three Supramaxes, one Panamax and one Kamsarmax, with aweighted average age of approximately 4.0 years and a total carryingcapacity of 319,913 DWT.

In March 2011, a new subsidiary of Globus agreed to purchase from anunaffiliated third party, subject to certain conditions, a 58,790 DWT2007-built Supramax dry bulk vessel for $30.3 million, with an attachedtime charter at the gross daily rate of $16,000 until the first quarter of2015. The vessel is expected to be delivered during the third quarter of2011. We expect to name it the "Sun Globe."

In May 2011, a new subsidiary of Globus agreed to purchase from anunaffiliated third party, subject to certain conditions, a 74,432 DWT2005-built Panamax dry bulk vessel for $31.4 million. The vessel isexpected to be delivered during the third quarter of 2011, and will be timechartered back to a Gleamray Maritime Inc. guaranteed nominee at the netdaily rate of $18,000 until the third quarter of 2013. We expect to name itthe "Moon Globe."

Upon the expected completion of these two acquisitions, the Company's fleetwill expand to seven modern dry bulk carriers with a total carryingcapacity of 453,135 DWT and a weighted average age of 4.8 years as ofSeptember 30, 2011.

Current Fleet Profile

 Year Month/YrVessel Built Yard Type Delivered DWT FLAG ----- --------------- --------- --------- ------- ------------Tiara Globe 1998 Hudong Zhonghua Panamax Dec 2007 72,928 Marshall Is. ----- --------------- --------- --------- ------- ------------River Globe 2007 Yangzhou Dayang Supramax Dec 2007 53,627 Marshall Is. ----- --------------- --------- --------- ------- ------------Sky Globe 2009 Taizhou Kouan Supramax May 2010 56,785 Marshall Is. ----- --------------- --------- --------- ------- ------------Star Globe 2010 Taizhou Kouan Supramax May 2010 56,785 Marshall Is. ----- --------------- --------- --------- ------- ------------Jin Star 2010 Jiangsu Eastern Kamsarmax June 2010 79,788 Panama ----- --------------- --------- --------- ------- ------------W. Average Years at Age 4.2 3/31/2011 319,913 ----- --------------- --------- --------- ------- ------------

Fleet Deployment as of the date of this release

The Supramax "Star Globe" was previously on time charter with TransgrainShipping until April 2011, at the gross rate of $22,000 per day. The vesselis currently trading on the spot market.

Employment Profile

 Charter Gross Expiration Date DailyVessel Charterer (Earliest) Type rate ------------------------- --------------- ------------ --------Tiara Globe Transgrain Shipping Jan 2012 Time charter $ 20,000 ------------------------- --------------- ------------ --------River Globe Spot n/a Spot n/a ------------------------- --------------- ------------ --------Sky Globe Spot n/a Spot n/a ------------------------- --------------- ------------ --------Star Globe Spot n/a Spot n/a ------------------------- --------------- ------------ -------- Eastern Media International and FarJin Star Eastern Silo & Shipping Jan 2015 Bareboat $ 14,250 ------------------------- --------------- ------------ --------

Management Commentary

George Karageorgiou, Chief Executive Officer of Globus, stated:

"During the early part of 2011, we contracted to expand the size of ourfleet with our planned accretive acquisition of two modern vessels. Bothvessels come with charter coverage, which we expect will enhance our cashflow stability and visibility. We are pleased to report that we havereceived indicative terms for bank financing, subject to customarydocumentation, up to 65% of the market value of these two vessels at thetime of delivery.

"We are happy to report a net income of $2.2 million for the first quarterof 2011, compared to $0.5 million in 2010. We consider this a solidperformance, produced against a backdrop of weakening charter rates and theglobal economic turmoil during the period."

Elias Deftereos, Chief Financial Officer of Globus, added:

"Our results for the reporting period reflect the larger size of our fleet,as well as the continued volatility of market conditions.

"Our Company is in a strong financial condition. As of today, total bankdebt outstanding is $96.2 million, while our restricted and unrestrictedcash balances exceed $21.5 million, excluding the $6.1 million placed ondeposit for the two vessel acquisitions. We anticipate that the market willpresent us with attractive opportunities, given our strong balance sheet,and we will gradually seek to take advantage of these, grow the earningscapacity of Globus and thus generate value for our shareholders."

Results of Operations

Three-month period ended March 31, 2011 compared to the three-month periodended March 31, 2010

During the first quarter of 2011, we had an average of 5.0 dry bulk vesselsin our fleet, compared to an average of 3.0 dry bulk vessels in the sameperiod in 2010.


Revenue during Q1-11 reached $8.5 million, compared to $5.8 million duringQ1-10, an increase of 47%. The increase is primarily attributable to theincrease in the number of vessels in our fleet. For the same reason, netrevenues during the three-month period ended March 31, 2011 increased by$2.2 million, or 42%, and reached $7.5 million, compared to $5.3 millionduring the equivalent period in 2010.

Voyage expenses

Voyage expenses increased by $0.5 million, or 100%, to $1.0 million duringthe three-month period ended March 31, 2011, compared to $0.5 millionduring the three-month period ended March 31, 2010. This increase is mainlyattributable to the increase in our revenues and the size of our fleet.

Vessel operating expenses

Vessel operating expenses increased by $0.3 million, or 23%, to $1.6million during Q1-11, compared to $1.3 million during Q1-10. This increaseis attributable to the increase in the size of our fleet. The breakdown ofour operating expenses for the three-month period ended March 31, 2011 and2010 was as follows:

 2011 2010Crew expenses 53% 50%Repairs and spares 14% 18%Insurance 11% 11%Stores 14% 11%Lubricants 5% 7%Other 3% 2%

Average daily operating expenses were $4,397 during the three-month periodended March 31, 2011, compared to $4,709 during the three-month periodended March 31, 2010, representing a decrease of 7%.


Depreciation increased by $1.0 million, or 77%, to $2.3 million duringQ1-11, compared to $1.3 million during Q1-10. This increase is a directresult of the increase in the number of vessels in our fleet.

Gain/loss on derivative financial instruments

The valuation of our two interest rate swaps at the end of each quarter isaffected by the prevailing interest rates at that time. On March 31, 2011,the two interest rate swap agreements (for $25 million in total, or 26% ofour total debt outstanding of $96.2 million) were recorded at fair marketvalue, which is the amount that would be paid by us or to us should thoseinstruments be terminated. A $0.1 million non-cash unrealized gain wasrecorded for the three-month period ended March 31, 2011, compared to $0.2million non-cash unrealized loss during the three-month period ended March31, 2010, a result of the change in the fair market value of the interestrate swaps.

Foreign exchange gains/losses, net

Foreign exchange gains were $7,000 during the three-month period endedMarch 31, 2011, compared to a loss of $0.8 million during the three-monthperiod ended March 31, 2010. Foreign currency exchange losses during thethree-month period ended March 31, 2010 resulted primarily from the changein fair value of cash deposits in Euro, as well as currency exchanges topay for vessel operating expenses and general and administrative expenses,a portion of which were in currencies other than the U.S. dollar.

Liquidity and capital resources

During the first quarter of 2011, we repaid the regular debt instalment of$0.5 million to one of our two banks. The scheduled bank debt repayments toour two banks in 2011 and 2012 are $10.5 and $11.0 million respectively.

As of March 31, 2011, our cash and bank balances and bank deposits were$23.8 million and our outstanding debt was $96.2 million, while no amountremained undrawn.

Net cash used in investing activities during the three-month period endedMarch 31, 2011 was $3.0 million being the 10% deposit for the acquisitionof the Supramax vessel "Sun Globe" compared to net cash generated frominvesting activities of $33.3 million during the three-month period endedMarch 31, 2010 attributable to $33.0 million generated from the sale of them/v Sea Globe and the m/v Coral Globe and $0.3 million interest received onour cash balances.

A 10% deposit in the amount of $3.1 million was placed in May 2011 inconnection with the acquisition of the Panamax vessel "Moon Globe."

We have received from a number of banks indicative terms for bankfinancing, subject to customary documentation, up to 65% of the marketvalue of these two vessels at the time of delivery.

Scheduled vessel repairs

The "Tiara Globe" was drydocked during the three-month period ended March31, 2011.

Conference Call details

The Company's management team will host a conference call and simultaneousinternet webcast to discuss these results on Monday, May 9, 2011, at 9:00am Eastern Time.

Conference Call details:

Investors may access the webcast by visiting the Company's website and clicking on the webcast link. Participants mayalso dial into the call 10 minutes prior to the scheduled time using thefollowing numbers: 1-866-819-7111 (from the US), 0800-953-0329 (from theUK), 00800-4413-1378 (from Greece), or +44 (0)1452-542-301 (all othercallers). Please quote "Globus Maritime."

A replay of the conference call will be available until May 16, 2011 bydialling 1-866-247-4222 (from the US), 0800-953-1533 (from the UK), or+44(0)1452 550-000 (all other callers). Access Code: 36407079#. Inaddition, a replay of the webcast will be available on the Company'swebsite at

SELECTED CONSOLIDATED FINANCIAL & OPERATING DATA Three Months Ended March 31, (Unaudited)(in thousands of U.S. dollars, except per share data) 2011 2010 Statement of comprehensive income data:Revenue 8,461 5,827Voyage expenses (995) (484) --------- ---------Net Revenue (1) 7,466 5,343Vessels operating expenses (1,583) (1,295)Depreciation (2,273) (1,278)Depreciation of dry docking costs (3) (129)Administrative expenses (549) (499)Administrative expenses payable to related parties (277) (279)Share-based payments (90) (77)Gain on sale of vessels - 7Other expenses, net (45) (6) --------- ---------Operating profit before financial activities 2,646 1,787Interest income from bank balances & deposits 15 197Interest expense and finance costs (585) (585)Gain/(loss) on derivative financial instruments 99 (172)Foreign exchange gains/(losses), net 7 (768) --------- ---------Total loss from financial activities (464) (1,328) --------- ---------Total comprehensive income for the period 2,182 459 --------- --------- Basic earnings per share for the period 0.30 0.06 Diluted earnings per share for the period 0.30 0.06 Adjusted EBITDA (2) 4,922 3,187

(1) Net Revenue is computed by subtracting voyage expenses from revenue.Net Revenue is not a recognized measurement under international financialreporting standards ("IFRS") and should not be considered as an alternativeor comparable to net income.

(2) Adjusted EBITDA represents net earnings before interest and financecosts net, gains or losses from the change in fair value of derivativefinancial instruments, foreign exchange gains or losses, income taxes,depreciation, depreciation of drydocking costs, impairment and gains orlosses on sale of vessels. Adjusted EBITDA does not represent and shouldnot be considered as an alternative to total comprehensive income/(loss) orcash generated from operations, as determined by IFRS, and our calculationof Adjusted EBITDA may not be comparable to that reported by othercompanies. Adjusted EBITDA is not a recognized measurement under IFRS.

Adjusted EBITDA is included herein because it is a basis upon which weassess our financial performance and because we believe that it presentsuseful information to investors regarding a company's ability to serviceand/or incur indebtedness and it is frequently used by securities analysts,investors and other interested parties in the evaluation of companies inour industry.

Adjusted EBITDA has limitations as an analytical tool, and you should notconsider it in isolation, or as a substitute for analysis of our results asreported under IFRS. Some of these limitations are:

-- Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; -- Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt; -- Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and -- other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered ameasure of discretionary cash available to us to invest in the growth ofour business.

The following table sets forth a reconciliation of total comprehensiveincome to Adjusted EBITDA (unaudited) for the periods presented:

 Three Months Ended March 31, --------------------------(Expressed in thousands of U.S. Dollars) (Unaudited) -------------------------- 2011 2010 ------------ ------------Total comprehensive income for the period 2,182 459Interest and finance costs, net 570 388(Gain)/loss on derivative financial instruments (99) 172Foreign exchange (gain)/losses (7) 768Depreciation 2,273 1,278Depreciation of drydocking costs 3 129(Gain) on sale of vessels - (7) ------------ ------------Adjusted EBITDA (unaudited) 4,922 3,187 ============ ============ As of As of(Expressed in thousands of U.S. Dollars) March 31, December 31, ------------ ------------ 2011 2010 ------------ ------------ (Unaudited)Statement of financial position data:Total non-current assets 192,803 191,556Total current assets 26,833 26,896Total assets 219,636 218,452Total equity 118,894 117,788Total non-current liabilities 84,913 85,388Total current liabilities 15,829 15,276Total equity and liabilities 219,636 218,452 Three Months Ended March 31,(Expressed in thousands of U.S. Dollars) (Unaudited) 2011 2010Statement of cash flow data:Net cash generated from operating activities 4,385 3,465Net cash (used in)/generated from investing activities (3,026) 33,333Net cash used in financing activities (2,209) (22,447) Three Months Ended March 31, -------------------------- 2011 2010 ------------ ------------Ownership days (1) 450 275Available days (2) 436 275Operating days (3) 434 266Bareboat charter days (4) 90 -Fleet utilization (5) 99.5% 96.7%Average number of vessels (6) 5.0 3.0Daily time charter equivalent (TCE) rate (7) $ 18,012 $ 19,429Daily operating expenses (8) $ 4,397 $ 4,709

(1) Ownership days are the aggregate number of days in a period duringwhich each vessel in our fleet has been owned by us.

(2) Available days are the number of our ownership days less the aggregatenumber of days that our vessels are off-hire due to scheduled repairs orrepairs under guarantee, vessel upgrades or special surveys.

(3) Operating days are the number of available days in a period less theaggregate number of days that the vessels are off-hire due to any reason,including unforeseen circumstances.

(4) Bareboat charter days are the aggregate number of days in a periodduring which the vessels in our fleet are subject to a bareboat charter.

(5) We calculate fleet utilization by dividing the number of our operatingdays during a period by the number of our available days during the period.

(6) Average number of vessels is measured by the sum of the number of dayseach vessel was part of our fleet during a relevant period divided by thenumber of calendar days in such period.

(7) TCE rates are our revenue less net revenue from our bareboat chartersless voyage expenses during a period divided by the number of our availabledays during the period excluding bareboat charter days, which is consistentwith industry standards. TCE is a measure not in accordance with GAAP.

(8) We calculate daily vessel operating expenses by dividing vesseloperating expenses by ownership days for the relevant time period excludingbareboat charter days.

The following table reflects the calculation of our daily TCE rates for thethree months ended March 31, 2011 and 2010.

 Three Months Ended March 31, ---------------------(Expressed in thousands of U.S. Dollars, except number of days and TCE rates) (Unaudited) --------------------- 2011 2010 ---------- ---------- ---------- ----------Revenue $ 8,461 $ 5,827 ---------- ----------Less: Voyage expenses $ 995 $ 484 ---------- ----------Less: bareboat charter net revenue $ 1,234 $ - ---------- ----------Net revenue excluding bareboat charter net revenue $ 6,232 $ 5,343 ---------- ----------Available days net of bareboat charter days 346 275 ---------- ----------Daily TCE rate $ 18,012 $ 19,429 ---------- ----------

About Globus Maritime Limited

Globus is an integrated dry bulk shipping company that provides marinetransportation services worldwide and presently owns, operates and managesa fleet of dry bulk vessels that transport iron ore, coal, grain, steelproducts, Cement, alumina and other dry bulk cargoes internationally.Globus' subsidiaries own and operate five vessels with a weighted averageage of 4.2 years as of March 31, 2011, and a total carrying capacity of319,913 DWT. Globus has contracted to acquire another two dry bulk vesselsexpected to be delivered during the third quarter of 2011.

Safe Harbor Statement

This communication contains "forward-looking statements" as defined underU.S. federal securities laws. Forward-looking statements provide Globus'current expectations or forecasts of future events. Forward-lookingstatements include statements about Globus' expectations, beliefs, plans,objectives, intentions, assumptions and other statements that are nothistorical facts or that are not present facts or conditions. Words orphrases such as "anticipate," "believe," "continue," "estimate," "expect,""intend," "may," "ongoing," "plan," "potential," "predict," "project,""will" or similar words or phrases, or the negatives of those words orphrases, may identify forward-looking statements, but the absence of thesewords does not necessarily mean that a statement is not forward-looking.Forward-looking statements are subject to known and unknown risks anduncertainties and are based on potentially inaccurate assumptions thatcould cause actual results to differ materially from those expected orimplied by the forward-looking statements. Globus' actual results coulddiffer materially from those anticipated in forward-looking statements formany reasons specifically as described in Globus' filings with theSecurities and Exchange Commission. Accordingly, you should not unduly relyon these forward-looking statements, which speak only as of the date ofthis communication. Globus undertakes no obligation to publicly revise anyforward-looking statement to reflect circumstances or events after the dateof this communication or to reflect the occurrence of unanticipated events.You should, however, review the factors and risks Globus describes in thereports it will file from time to time with the Securities and ExchangeCommission after the date of this communication.

For further information please contact:

Globus Maritime Limited
Elias Deftereos
+30 210 960 8300

Capital Link - New York
Nicolas Bornozis
Matthew Abenante
+1 212 661 7566


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